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Duke Energy Corporation has added a news release to its Investor Relations website. Title: Duke Energy Reports Third Quarter 2009 Results
Date(s): 10/30/2009 7:02:00 AM
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CHARLOTTE, N.C., Oct. 30 /PRNewswire-FirstCall/ --
* Third quarter 2009 adjusted diluted earnings per share (EPS) was 40 cents, compared with 33 cents for the third quarter 2008
* Reported diluted EPS for third quarter 2009 was 8 cents, compared to 17 cents for the third quarter 2008
* Through the third quarter, results slightly ahead of internal plan; on track to achieve 2009 employee incentive target of $1.20, based on adjusted diluted EPS
* Reported results include non-cash impairment charges of approximately $400 million
Duke Energy (NYSE: DUK) today announced third quarter 2009 adjusted diluted earnings per share of 40 cents, compared to 33 cents for third quarter 2008. Reported diluted EPS for the third quarter 2009 was 8 cents, compared to 17 cents for the same period last year.
Reported results for third quarter 2009 were impacted by non-cash impairment charges of approximately $400 million, primarily related to goodwill associated with non-regulated generation operations in the Midwest. These charges have no impact on the company's liquidity position and have been excluded from adjusted diluted EPS.
In the third quarter, the company experienced lower electricity sales as a result of the economy. During the quarter, industrial sales volumes continued to show signs of stabilization and have improved approximately 11 percent from second-quarter 2009 levels. Through the third quarter of 2009, based upon adjusted diluted EPS, the company is slightly ahead of its internal plan. As a result, the company is on track to achieve the employee incentive target of $1.20, based on adjusted diluted EPS, assuming normal weather, continued cost control and solid operational performance, as well as no deterioration in the economy for the remainder of the year.
"I'm very pleased with our results through the third quarter," said Jim Rogers, Duke Energy chairman, president and CEO. "We continue to perform well in this recessionary climate, matching cost reductions with the declines we're experiencing in usage by our industrial customers. We are maintaining our commitment to operational excellence and strong credit and liquidity. Most importantly, we haven't lost focus on building our business for the long-term, modernizing our fleet and achieving constructive regulatory recovery of our capital investments."
SOURCE Duke Energy
MEDIA: Tom Shiel, +1-704-382-2355, 24-Hour: 1-800-559-3853; ANALYST: Bill Currens, +1-704-382-1603
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